Latest News

  • 26
    Jul

    Pre-IPO family trust key points to note

    Pre-IPO family trust: key points to note Yumei Zhang TEP, STEP HONG KONG BRANCH NEWSLETTER Business owners considering raising funds from the public by having their private shares listed for sale on a regulated stock exchange (IPO) often need to think beyond the corporate aspect of the listing process. This means that while they work...
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  • 18
    Jan

    Isle of Man Trust Law Reform: the Trusts and Trustees Act 2023

    Isle of Man Trust Law Reform: the Trusts and Trustees Act 2023   By the Trust and Trustees Act 2023, the Isle of Man introduced substantial reforms which bring its legislation in line with the most contemporary trust legal systems. This is achieved through amendments to the existing trusts legislation as well as through a...
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  • 15
    Nov

    global elite villa d’este 2023

    global elite villa d’este 2023   Capital Trustees is delighted to be a partner of this year’s International Private Client Forum, organized by Private Client Global Elite and taking place at Villa d’Este, Lake Como on 15-18 November. Filippo Turato will be attending this three-day event, together with leading private client professionals from across the...
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  • 15
    Nov

    PRIVATE CLIENT GLOBAL ELITE

    PRIVATE CLIENT GLOBAL ELITE   Capital Trustees is delighted to be a partner of this year’s International Private Client Forum, organized by Private Client Global Elite and taking place at Villa d’Este, Lake Como on 15-18 November. Filippo Turato will be attending this three-day event, together with leading private client professionals from across the globe,...
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  • 29
    Sep

    New regulated solutions in Switzerland – embedding the family office within a dedicated or private trust company

    New regulated solutions in Switzerland – embedding the family office within a dedicated or private trust company  Jessica Schaedler, The International Family Offices Journal (Vol 8  Iss1) Introduction Private trust companies (PTCs) have gained significant popularity as wealth management tools among high-net-worth families worldwide. PTCs are particularly appealing to families with intricate assets as they...
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  • 05
    Sep

    Smart Contracts

    Smart Contracts  Jessica Schaedler, Back to basics: Smart contracts, STEP Journal (Vol31 Iss4), p.19 In 1994, the inventor of the ‘smart contract’, Nick Szabo, defined the term as a ‘computerised transaction protocol that executes the terms of a contract’. The transaction protocol works with algorithms following an ‘if-then’ logic. When we talk about smart contracts...
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  • 24
    May

    SOUTH AFRICA: NEW REPORTING OBLIGATIONS FOR TRUSTEES

    SOUTH AFRICA: NEW REPORTING OBLIGATIONS FOR TRUSTEES In 2021, the Financial Action Task Force (FATF) published its Mutual Evaluation Report on South Africa, summarizing the effectiveness of South Africa’s anti-money laundering and counter-terrorism financing measures. The main shortcomings related to the difficulties in obtaining accurate, updated, and adequate beneficial ownership information about companies and trusts...
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  • 24
    Mar

    FOREIGN OWNERS IN CANADA MUST REGISTER TO PAY A NEW TAX ON “UNDERUSED” PROPERTY

    FOREIGN OWNERS IN CANADA MUST REGISTER TO PAY A NEW TAX ON “UNDERUSED” PROPERTY Most foreign individuals, companies and other entities that own residential properties in Canada must now file a return even if no tax is due. This is one of the requirements of the new “Underused Housing Tax Act” (“UHT”) effective for the calendar...
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  • 16
    Mar

    PUBLIC ACCESS TO BO REGISTERS – A LOOK BEYOND AND AHEAD

    PUBLIC ACCESS TO BO REGISTERS – A LOOK BEYOND AND AHEAD In 2022, the Court of Justice of the European Union (CJEU) issued a preliminary judgment ruling that public access to information on beneficial ownership of companies incorporated in EU member states constitutes a “serious interference with the fundamental rights to respect for private life...
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  • 14
    Mar

    Il trust e i comitati di esperti: quando e perché istituirli?

    Il trust e i comitati di esperti: quando e perché istituirli? di Barbara Demergazzi, Compliance Officer Quando ci si sofferma sui soggetti del trust si pensa al disponente, ai beneficiari, al trustee ed eventualmente al protector. Ma, accanto a questi soggetti, possono coesistere uno o più comitati, con il compito di coadiuvare il trustee su...
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  • 03
    Mar

    SOUTH AFRICA: A B.O. OWNERSHIP REGISTER TO COME INTO FORCE IN APRIL 2023

    SOUTH AFRICA: A B.O. OWNERSHIP REGISTER TO COME INTO FORCE IN APRIL 2023 These are really busy days for South Africa on both the international and domestic tax and regulatory fronts. At a plenary meeting of the AML standard-setting body on 24 February 2023, the “Financial Action Task Force” (FAFT) has added the African country...
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  • 16
    Feb

    ECOFIN PUTS RUSSIA AND BVI ON BLACKLIST

    ECOFIN PUTS RUSSIA AND BVI ON BLACKLIST The blacklist of tax havens continues to grow. At its meeting on 14 February, the Economic and Financial Council of the European Union (also known as Ecofin) added Russia, the British Virgin Islands, Costa Rica and the Marshall Islands to the list of non-cooperative jurisdictions for tax purposes....
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  • 08
    Feb

    ATAD 3 AND SWISS HOLDING COMPANIES

    ATAD 3 AND SWISS HOLDING COMPANIES While the European Union’s implementation of ATAD 3 will not directly affect Swiss entities, it might as a matter of fact make Swiss holding companies more attractive for international corporations and wealthy individuals. STATUS QUO The latest amendments to the European Commission’s draft directive for preventing the misuse of...
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  • 26
    Jan

    FATCA AGREEMENT: ARGENTINA HAS TO FACE MANY CHALLENGES

    FATCA AGREEMENT: ARGENTINA HAS TO FACE MANY CHALLENGES It will not be easy for the Argentine government to implement the FATCA agreement. On a closer inspection, there are critical issues that may arise in implementing the operational terms of the agreement with the United States. FATCA came into force on 1ᵒ January without going through...
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  • 11
    Jan

    US: ACCESS TO BENEFICIAL OWNERSHIP INFORMATION IS GETTING WIDER

    US: ACCESS TO BENEFICIAL OWNERSHIP INFORMATION IS GETTING WIDER More and more entities will have access to information about the beneficial ownership of companies recorded by the US government’s Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). The CTA, lately enacted into law as part of the National Defense Authorization Act, amended...
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  • 30
    Dec

    COLOMBIAN TAX REFORM BECOMES LAW

    COLOMBIAN TAX REFORM BECOMES LAW The president of Colombia, Gustavo Petro, sanctioned on 13 December the tax reform promoted by his government, which has become law and will start to be in force as of January 2023. The new law, centrepiece of new president economic policies, will raise an additional 20 trillion pesos ($4 billion)...
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  • 13
    Dec

    TAX RESIDENCY IN THE EMIRATES: A FIRST LAW TO PROVIDE CLARITY

    TAX RESIDENCY IN THE EMIRATES: A FIRST LAW TO PROVIDE CLARITY The recent proposal of the Chamber of Deputies (Congreso de los Diputados) is likely to be a major shock to foreigners who hold real estate in Spain through one or more non-resident entities. In addition to the net wealth tax (NWT), the proposal also...
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  • 07
    Dec

    SPAIN: A SOLIDARITY TAX ON REAL ESTATE HELD BY FOREIGNERS

    SPAIN A SOLIDARITY TAX ON REAL ESTATE HELD BY FOREIGNERS The recent proposal of the Chamber of Deputies (Congreso de los Diputados) is likely to be a major shock to foreigners who hold real estate in Spain through one or more non-resident entities. In addition to the net wealth tax (NWT), the proposal also provides...
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  • 15
    Nov

    Hong Kong: foreign-sourced income will soon be taxed

    Hong Kong: foreign-sourced income will soon be taxed 2023 could represent a watershed for Hong Kong’s corporate taxation. The Inland Revenue Amendment Bill 2022 (about Taxation on Specified Foreign-sourced Income), gazetted on 28 October 2002, is now under scrutiny by the Legislative Council of Hong Kong and is expected to come into force in 2023,...
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  • 04
    Nov

    The new frontier of transparency in the USA – Trusts in the context of FinCEN’s Final Rule

    The new frontier of transparency in the USA – Trusts in the context of FinCEN’s Final Rule Regardless the steps traditionally taken by the United States of America in order to meet the highest international standards in terms of safeguards designed to prevent the flow of illicit money and contrast illicit activities, including money laundering,...
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  • 03
    Nov

    Nel Cav we trust…

    Nel Cav we trust… Collaborazione di Giuseppe Macaluso partner di Capital Trustees L’Agenzia delle Entrate ha fissato i limiti alla tassazione dei grandi patrimoni di famiglia. Sarà una vera rivoluzione. Ma per Berlusconi & C servnono altri interventi, perché la Svizzera incombe Anche per un patrimonio immenso come quello di Silvio Berlusconi il trust salva-eredità...
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  • 24
    Oct

    The Netherlands introduces UBO register from 1° November 2022

    The Netherlands introduces UBO register from 1° November 2022 The Netherlands has decided to speed up the process of the introduction of a beneficial ownership register for trusts, which will be introduced in the Country as of 1 November 2022. This is a new register, separate from the others, which will be added to the...
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  • 05
    Oct

    US FinCEN Issues Final Rule for Beneficial Ownership Reporting

    US FinCEN Issues Final Rule for Beneficial Ownership Reporting On 29th September 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule, as required by the Corporate Transparency Act 2019, establishing an information-reporting regime for beneficial ownership. The rule will come into force on January 1 2024, with...
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  • 22
    Sep

    SWITZERLAND An Introduction to Trust Companies

    SWITZERLAND: An Introduction to Trust Companies By Capital Trustees AG Chambers High Net Worth 2022: Practice Area Overview – Swiss trust industry   Switzerland and its trust industry trends Switzerland has historically enjoyed political and economic stability, factors that have allowed the country to retain its position as the world’s top wealth management centre and...
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  • 09
    Aug

    Closed FATF’s consultation on foreign trusts’ beneficial ownership reporting duties

    Closed FATF’s consultation on foreign trusts’ beneficial ownership reporting duties In June 2022, the Financial Action Task Force’s (FATF’s) opened a consultation on possible amendments to its Recommendation 25, with the aim to propose any revision during its meeting in October 2022. The Recommendation focuses specifically on transparency and beneficial ownership reporting for trusts and...
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  • 02
    Aug

    Companies House launched the UK register of overseas entities

    Companies House launched the UK register of overseas entities On 1 August 2022, Companies House launched the UK register of overseas entities (ROE), which is a key provision of the Economic Crime (Transparency & Enforcement) Act 2022 (Act). The Act requires overseas entities that own or acquire property in the UK to register with Companies...
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  • 07
    Jul

    Chile plans to introduce wealth tax

    Chile plans to introduce wealth tax On July 1, 2022, Chile’s government introduced a tax reform which seeks to establish a wealth tax on the top 3 percent of the country’s highest earners, which is now waiting for approval from the National Congress. This proposal has been presented following OECD’s latest report on Chile’s tax...
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  • 27
    Jun

    Switzerland will implement OECD’s minimum tax rate

    Switzerland will implement OECD’s minimum tax rate On 23rd June 2022, the Swiss Federal Council published the amendments to the constitution to implement a minimum tax rate for certain companies recently agreed by the OECD and G20 member states. In fact, in October 2021, the Organisation for Economic Co-operation and Development (OECD) published key parameters...
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  • 24
    Jun

    FATF consultation opens on beneficial ownership of trusts

    FATF: consultation opens on beneficial ownership of trusts Following its last plenary meeting, on 23 June 2022 the global Financial Action Task Force (FATF) released a consultation paper on revisions to its Recommendation 25, which will be open until August 2022. The consultation will focus on enhancing transparency on beneficial ownership of legal arrangements such...
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  • 13
    Jun

    Trust: al di là dei pregiudizi per coglierne le potenzialità

    Trust: al di là dei pregiudizi per coglierne le potenzialità di Barbara Demergazzi, Compliance Officer In passato dottrina e giurisprudenza hanno osteggiato il trust. Eppure il concetto di separazione patrimoniale e quello di fiducia sono ben radicati negli ordinamenti di civil law e le loro applicazioni portano numerosi, irrinunciabili, vantaggi. Da qui l’importanza di superare...
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  • 08
    Jun

    Autorizzazione FINMA, l’approccio vincente di Capital Trustees

    Autorizzazione FINMA, l’approccio vincente di Capital Trustees di Francesco Giorcelli,  Trust and Wealth Planning, Capital Trustees Lo scorso 12 aprile si è positivamente concluso per Capital Trustees il processo di autorizzazione da parte dell’Autorità di vigilanza sui mercati finanziari (FINMA), da noi avviato l’anno scorso, per poter esercitare l’attività di trustee professionale in Svizzera in...
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  • 18
    May

    UK’s Registrar of Companies to be granted more powers

    UK’s Registrar of Companies to be granted more powers On May 10 2022, the Queen’s Speech presented to parliament the proposal of a new Economic Crime and Corporate Transparency Bill. Discussion over this draft Bill firstly emerged when in February 2022 the register of overseas entities was introduced to the UK parliament. The Bill is...
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  • 21
    Apr

    Canada Alberta proposes to update its trust legislation

    Canada Alberta proposes to update its trust legislation The Legislative Assembly of Alberta has tabled a Bill proposing to update its current legislation to make the creation and management of trusts more efficient. With the Trustee Act proposed under Bill 12, the Legislative Assembly of Alberta aims to update its legislation in order increase protection...
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  • 21
    Apr

    Peru rules on BO declaration for 2022 and 2023

    Peru rules on BO declaration for 2022 and 2023 With the Superintendency Resolution No. 41-2022/SUNAT (Resolución de Superintendencia N° 41-2022), Peru’s National Superintendence of Customs and Tax Administration (Superintendencia Nacional de Aduanas y de Administración Tributaria, SUNAT) has established who must declare ultimate beneficial ownership for the years 2022 and 2023. The provision applies to...
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  • 21
    Apr

    Isle of Man trust law amendments under consultation

    Isle of Man trust law amendments under consultation With the Trust and Trustees Bill 2022, the Treasury of the Isle of Man aims at modernising the Country’s trust legislation in order to provide more certainty and clarity to users, as well as making the jurisdiction more competitive in the provision of trust services. The main...
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  • 21
    Apr

    New Zealand publishes BO registry proposals

    New Zealand publishes BO registry proposals New Zealand’s government has announced that a Bill requiring companies and limited partnerships to provide accurate information on their beneficial owners to a central government registry will be introduced following a consultation later in 2022. In 2021 the Financial Action Task Force (FATF) released a mutual evaluation review on...
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  • 04
    Apr

    Il Trust per la detenzione di beni immateriali e asset digitali

    Il Trust per la detenzione di beni immateriali e asset digitali di Giuseppe Macaluso, CEO, Capital Trustees  Michele Cecchi, Trust & Wealth Planner, Capital Trustees NELL’ECONOMIA CONTEMPORANEA UNA PARTE SIGNIFICATIVA DEL VALORE DI AZIENDE E PRIVATI È RAPPRESENTATO DA BENI IMMATERIALI. E ANCORA DI PIÙ LO SARÀ IN FUTURO. DIVIENE PERTANTO ESSENZIALE, PER TALI SOGGETTI,...
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  • 31
    Mar

    Trust per legge

    Trust per legge di Filippo Turato, Director di Capital Trustees La Confederazione Elvetica, tramite il progetto di legge sul trust svizzero pubblicato dal Consiglio Federale il 12 gennaio 2022, ha deciso di dotarsi di un proprio strumento giuridico a supporto della strutturazione patrimoniale e della pianificazione successoria. Il progetto di legge, in consultazione pubblica fino...
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  • 30
    Mar

    Switzerland prepares to ratify the Hague Convention on the choice of court agreements

    Switzerland prepares to ratify the Hague Convention on the choice of court agreements In the meeting of March 30, 2022, the Federal Council opened a consultation (which will end on July 7, 2022) in relation to the Federal Decree that would acknowledge Switzerland’s ratification of the Hague Convention on choice of court agreements. The Convention...
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  • 21
    Mar

    New Zealand introduces minimum standards for financial reporting of trusts

    New Zealand introduces minimum standards for financial reporting of trusts At the beginning of March, the New Zealand Government introduced a series of more stringent disclosure requirements for taxable domestic trusts. For income years following the 31st March 2022, trustees will have to submit to the Inland Revenue Department (Inland Revenue) a statement of profit...
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  • 08
    Mar

    BO reporting begins in Mexico

    BO reporting begins in Mexico With the Economic Package for 2022 (Paquete Económico para 2022) Mexico decided to increase its compliance with international reporting standards, with particular reference to automatic exchange of information (AEOI). In fact, as of 1 January 2022, companies, trusts, partnerships and other legal entities have to gather and retain accurate and...
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  • 02
    Mar

    Register of Overseas Entities introduced to UK Parliament

    Register of Overseas Entities introduced to UK Parliament On 1 March 2022, the UK Register of Overseas Entities has been introduced to the UK parliament. The measures, which will be included in the Economic Crime (Transparency and Enforcement) Bill, will force beneficial owners of property in England, Wales and Scotland to provide information on their...
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  • 02
    Mar

    Modern Family

    Modern Family collaborazione di Andrea Baroni,  partner di Capital Trustees AG Per le necessità di pianificazione patrimoniale delle persone LGBTQ+ arriva in aiuto il trust Nell’ultimo decennio si è assistito a un progressivo mutamento del concetto tradizionale di famiglia e all’affermarsi di nuovi modelli che hanno determinato l’insorgere di complessità e sfide normative alle quali...
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  • 15
    Feb

    Il protector nel trust un ruolo sempre più fondamentale

    Il protector nel trust un ruolo sempre più fondamentale di Barbara Demergazzi, Compliance Officer Per quanto spesso si parli di trust, leggi regolatrici e trustee, sono relativamente pochi i contributi che si concentrano sul protector. Eppure si tratta di una figura che, ove prevista, assume un ruolo tutt’altro che marginale in seno al trust. Per...
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  • 14
    Feb

    Pennuto (Capital Trustees): i risvolti della bozza di legge sul trust svizzero per pb e family office

    Pennuto (Capital Trustees): i risvolti della bozza di legge sul trust svizzero per pb e family office Collaborazione di Alessandra Pennuto di Capital Trustees  
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  • 10
    Feb

    Trust e Trustee

    Trust e Trustee Collaborazione di Michele Cecchi di Capital Trustees  
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  • 07
    Feb

    Trust made in Svizzera

    Trust made in Svizzera Collaborazione di Giuseppe Macaluso partner di Capital Trustees Lanuovanormativacon cui la Confederazione intende rilanciare il suo ruolo nella gestione delle ricchezze internazionali rappresenta una rivoluzione anche per le famiglie italiane. Eccoperché La Svizzera punta a ritagliarsi un ruolo di primo piano nel mondo dei trust dove gravitano, congrande riservatezza, tesori di...
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  • 29
    Jan

    Trust Attesa da 30 anni una norma nazionale

    Trust Attesa da 30 anni una norma nazionale di Andrea Baroni, Partner di Capital Trustees Boom di contenziosi, in arrivo nel 2023 la disciplina elvetica che aiutera gli italiani. Sono trascorsi 30 anni (1/01/1992) dall’arrivodellaLegge con la quale l’Italia recepi la convenzione de l’Aja sul riconoscimento giuridico del trust. Ad oggi in mancanza di una...
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  • 28
    Jan

    Minimum substance test under EU shell company directive

    Minimum substance test under EU shell company directive In December 2021, the European Commission (EC) published its draft Council Directive, amending Directive 2011/16/EU (the Directive) and setting out the rules to prevent the misuse of shell entities for tax purposes. The EC has observed that certain individuals and some businesses direct their income to shell...
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  • 26
    Jan

    Legge svizzera sul trust tra semplicità e innovazione

    Legge svizzera sul trust tra semplicità e innovazione di Barbara Demergazzi, Compliance Officer La Svizzera ha innescato una vera e propria rivoluzione in materia di trust. Il primo passo lo ha compiuto approvando la legge che assoggetta i trustee professionali ad autorizzazione e vigilanza prudenziale. Ora sta arrontando una tappa altrettanto importante creando le basi...
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